Financial Ombudsman Chief Natalie Ceeney had resigned from her position after the FOS received its one millionth claim. According to Ceeney, it was time she moved on from the FOS after four years of being the Chief Ombudsman.
Temporarily replacing Ceeney is Deputy Chief Ombudsman Tony Boorman.
Nicholas Montagu, the FOS Chairman, said that Natalie’s had helped the ombudsman deal with 150,000 disputes annually, which increased to 500,000 in the following years. According to Montagu, the service increased in personnel under Ceeney’s leadership as the payment protection insurance scandal continued to plague the United Kingdom.
Ceeney was the foremost critic of banks and lenders nationwide. She criticised them for their incapability to adapt the model proposed and demonstrated by the Financial Ombudsman in handling PPI complaints. Ceeney also said that banks had dragged their feet in addressing PPI complaints and administrative costs are increasing because of such.
Ceeney said that she was proud of what she and the organisation achieved having responded to the challenges of PPI and other financial disputes accordingly and effectively. She said that she was very proud that her work and the organisation had made a great difference to society. Ceeney said that she enjoyed her time working at the Financial Ombudsman.
Multinational companies have more leverage with search engines simply because many people recognize their brand due to their brand signals. A small company could also increase their Internet presence by applying the same principle in their Internet marketing campaigns.
1. Social Media Accounts
Regardless whether it is a casual or business-led social media network, a social media account allows search engines to identify information from different areas of notable networks. A verified social media account helps increase the authority and genuineness of your company.
If your employees register the company social media account as their workplace in their respective social media accounts, then search engines recognize this as a reliable brand signal that the company is indeed a company. While most Internet-based small companies have few employees, these are enough to help the company gain traction with search engines.
3. Offline Campaigns
Aside from Internet campaigns, if you have billboards or have advertisements on television or radio, you could increase your Internet campaign results as well. The more recognizable your brand is through these obvious signals, the better for your other campaigns.
4. Product Reviews
The more users review your product or service online or through their own blogs and link back to your website, the more search engines recognize you as an existing company that regularly puts out products. You could have people or critics review your items to help you gain higher Internet presence.
Business proprietors may be the ones responsible for the entire business performance, but they could be in control of almost everything, they wouldn’t trust their employees or people they put in responsibilities to handle the situation properly. This is just one of the worst business mistakes you could make.
1. You Need Help
A business proprietor also needs help because you are also human. Business is not an easy arena to compete in and it is more difficult than corporate life. If you admit to yourself that you could not do everything on your own, that is when you could gratefully accept other people’s offer for providing solutions.
Coaches are not consultants but they hold a lamp that helps you get out of the dark to go through your best options of action. They can help you with the simplest things you keep on forgetting, such as taking a break once in a while, practicing good time management and a step-by-step solution formulation process to mention a few.
Mentors are the consultants you were looking for. The entrepreneur you admire will give you great mentorship help. Of course, mentorship is not free, but these mentors will be flattered and will gladly offer you advice on your business management.
4. Choose the Right People
What many business proprietors keep on forgetting is that they have people working for them and these people are willing to show their talents and capabilities in the business. However, a business proprietor needs to have a good tolerance for employee mistakes because they are still developing the necessary skills to help your business thrive.
An investigation by the Financial Conduct Authority regarding UK financial companies’ handling of PPI complaints revealed that 12 out of 18 banks may be fined or given enforcement action due to lack of expected performance. According to the Financial Conduct Authority, the disappointing ratio might require a few adjustments to the PPI claims process to make it easier for consumers to be refunded.
PPI or payment protection insurance pays out an average of £3000, but consumers with compounded repayments could gain more. A PPI calculator could help you know the precise amount of compensation you can get.
The FCA stressed that the 12 financial companies failed to take note of the insurance term exclusions properly. Some did not take into consideration the consumer’s circumstances upon purchasing the insurance policy. If the decision is delayed for more than eight weeks, many companies fail to give a proper answer to consumer questions.
The Financial Ombudsman also said it was disappointed with banks failing to follow the example set by the FOS. Currently, the agency handled 266,388 cases of PPI complaints with 8 out of 10 of these claims in favour of customers.
Any customer mis sold PPI by their banks should try to work with reputable claims management companies such as PPICalculatorCompany.org.uk to ensure they get the complete compensation they deserve.
Business traction is seeing the effects of your business in the industry and your market audience. This is assessing the figures of how many people are actually using your products and services and how many are satisfied with such. Developing business traction could be challenging but rewarding.
1. Why You Don’t Grow Business Traction
When your top products begin growing business traction, it might render your previous products obsolete. This is true in many cases, such as companies who regularly produce new product designs and innovations. You also do not grow business traction when your business is financially challenged and people are not working together because of a lack of priorities and goals.
Always make sure that all business activities are in-line with your long term plans. This means assessing what your company will become in the future and what it would do to sustain profit. Developing your brand identity and sticking by the objectives and values of your company helps in developing business traction.
Businesses need metrics and predictions to assess the impact of their decisions. Anticipate and assess the risks involved in all issues and be sure to monitor your business’ accounting decisions. These would help your business analyse your individual product line’s performance and profitability in the general market.
4. People and Resources
You cannot qualitatively measure the value of people in your business because it involves great risks especially if you want to gain results. Unless people start working together to achieve your goal and your business board allows cutting off people and resources not aligned to your goal, you will not gain business traction.
In the past, the television was a great way to develop brands and at the same time alert people to the presence of your products and services. The television’s advertisement and brand representation were impeccable; most of the products and services shown at specific times of the day allocate to proper audiences and accompany the right shows.
The Internet is a wide ocean of information that has no broad audience and has a wide range of topics. Search engines are the only thing allowing users to see information they need and the media they want to see. Search engines, like television, need to ensure the quality of the information they provide, but some people find quick fixes, such as optimization.
Optimization is good. It is similar to allowing directors coach actors and actresses to make their roles look more convincing. In search engine optimization, the director wants to make their website look convincing with high quality to search engine spiders that index the information.
However, too much optimization, aka a quick fix, could definitely do wonders, but only for a short term. This is equivalent to an advertisement that really leaves a mark on audiences because the actors an actresses had bad voice acting and no talent at all.
It would be better to stick with the brand if you will do Internet marketing. Developing your brand, even when slower, helps you avoid future problems, such as having to adapt to new search engine algorithms. The more people look up to your webpages for information, the more reliable search engines find your website regardless of your optimization strategy.
As the business grows over time, proprietors must expand their office branches to meet their business goals effectively. However, before proprietors open a new office, they must be sure it is necessary, must already have a solid budget for the office’s opening and know the technologies they need.
1. Coverage of Existing Office
Many businesses operate with just one main office located in a country’s capital. Some businesses even function internationally with just one main office in one country. Opening a new branch office entails greater costs. Business proprietors must assess if their current office could do well with the business’ operations both national and international.
2. Warm Start
A branch office’s warm start is having contracts. Instead of promising new work for many people nearby, a warm start allows businesses to prosper if a new branch follows existing clients to locations convenient to them.
The new branch office must be on the level with its predecessor and the money and time invested in the old office must be proportional, if not more, for the new branch. Invest in the equipment, technology, staff and facilities.
4. Prepare an Exit Strategy
Regardless of all the business risk assessments, a business must have its exit strategy in case problems arise. Planning for the worst is essential because it saves much time and resources should anything undesirable happen.
As much as proprietors probably want the location and is concerned for the employees, an unprofitable branch must be ended. Continuing to try to win back investment is a lost cause. It is important to know when to quit in business.
Aside from the stock market and commodities, you could actually invest your money in real estate. A resntal estate is a good way to support your income especially when you’re retired. Here are a few tips that could help you make good on your real estate investments.
1. How Much You Want to Earn
The real estate is not a quick-profit method as you would think. It requires a good strategy and focus on the part of its investors. Know how much you want to earn and set your goals for investing on this value.
Be prepared to do lots of research about what the rental market is looking for in a location and a home. You’ll also need to calculate if the property will work out financially. You’ll also need to research on fixing some areas of your rental property constantly such as plumbing, cleaning the carpets and painting. You might also want to research on business offering such services that won’t be costly on your part.
Renters feel more secure if they know the neighbourhood or trust that the neighbourhood is clearly safe. It is important to do research about your location, the prices of properties in the location and the people living in the location. Renters would opt for the safest communities with access to different public transportation or areas on the top of their list.
A small business is probably made up of less than a hundred personnel including those who do marketing, manufacturing, logistics and management. If you’re the proprietor, the decision you make will affect everyone in the company directly. A general rule to making decisions is that all carry risks that could give you a good gain, or a great loss. When you know you’re dealing with a risky business, be sure to assess if it is worth it.
Assess the worth of the risk by having a limit on your investment risks. If you could set financial limits on investment decisions by knowing what your fatal and non-fatal risks are, the better. A fatal risk is something that would bankrupt your small business; a product will not catch on with your target market and your shipment expectations are growing lower by the minute. Non-fatal risks include financial losses that do not directly cause grave damage to your brand or business.
Expansion decisions should be dealt with carefully. If you plan on adding new products or selling into new geographic markets with new branches, always take note that there are risks. If you want to enter a new geographic market, minimize your risks by collaborating with a local supplier or distributor.
When making decisions, always set a deadline and prepare a schedule for other alternative options you have once the former decisions are turned down. This can help you avoid missing on strategic opportunities.
Aside from these tips about finding good business opportunities, entrepreneurs should also watch out for market gaps. Market gaps are the “missing puzzle pieces” in a business circuit. You might find these gaps might be large or small, but if your business plays a vital role in addressing these small gaps, the better.
For example, you plan to start a business in an actual corporate business district fleeting with young to middle-aged professionals. This corporate business district is also near condominiums that some of these professionals live in or rent spaces. Some of them find it difficult to send money to their families for support. Therefore, starting a money transfer service in the area can indeed make the business boom.
The example above is an example of a large market gap. A small market gap could mean addressing the laundry problems and delivery service issues of those living in the condominiums, or that many of them are looking for more affordable laundry services, etc.
Small market gaps turned into business achieve a certain objective of catering to a certain audience that may drive some of the market from the top areas of the industry pay attention to the small business. For example, giving more food varieties at an affordable price so that young professionals looking for cheap and delicious meals, while getting small profit, if it has many branches, it could par the top line profits of the business district itself.
So watch out for market gaps; pay attention to your surroundings and what it probably needs from your business.